LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

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 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
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LAGOS RELEASES N515M TO 252 RETIREES+IMPLORES BENEFICIARIES TO INVEST IN PROFITABLE VENTURES.

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No automatic alt text available.             The Lagos State Government released N515 Million as benefits to the State’s retirees, just as it advised them not invest their retirement benefits in unprofitable ventures or businesses that they could not manage.
The State Commissioner for the Ministry of Establishments, Training & Pensions, Dr. Akintola Benson, who represented Governor Akinwunmi Ambode at the 41st Retirement Bond Certificate Presentation ceremony held at Ikeja on Monday, said the continuous payment of retiree’s entitlements was to ensure that retirees were not deprived of their benefits in retirement.
He said that in past 24 months (August 2015 to July, 2017), the State Government has, through Lagos State Pension Commission, LASPEC, has paid accrued pension rights in excess of N29 billion into the Retirement Savings Account (RSA) of 6,982 retirees, adding that the amount excludes the mandatory 15% contributions which the Government remits monthly into the Retirement Savings Account of all the State-employees.
The Director- General, LASPEC, Mrs. Folashade Onanuga reiterated that the money being paid by the State Government to the retirees should not be used to commence projects (e.g. building a house) that cannot be completed.
She advised the retirees not to allow anyone force them into opting for a particular type of exit option between Programmed Withdrawal and Annuity, rather, they should think deeply about any type that will suit their needs before taking a decision.The Agency in the month of July also released insured death benefit cheques amounting to over N30 million to 24 beneficiaries/ Next of Kin of deceased employees.
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